ACADIA Pharmaceuticals Announces $86 Million Equity Financing

--Proceeds to Support Completion of Pimavanserin Phase III
Program--

December 12, 2012 09:00 AM Eastern Standard Time

SAN DIEGO--(BUSINESS WIRE)--ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) a biopharmaceutical company
focused on innovative treatments that address unmet medical needs in
neurological and related central nervous system disorders, today
announced a private placement equity financing pursuant to which ACADIA
will receive gross proceeds of $86.4 million from the sale of its
securities. Shares of ACADIA’s common stock will be sold at $4.43 per
share, the closing market price on December 11, 2012. The private
placement is expected to close on December 17, 2012 and is subject to
the satisfaction of customary closing conditions.

The anticipated proceeds from the private placement will be used
primarily to support completion of ACADIA’s Phase III pimavanserin
program, including its planned confirmatory Phase III pivotal trial in
Parkinson’s disease psychosis.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.

The securities being sold in the private placement have not been
registered under the Securities Act of 1933, as amended, or state
securities laws and may not be offered or sold in the United States
absent registration with the Securities and Exchange Commission (“SEC”)
or an applicable exemption from such registration requirements. ACADIA
has agreed to file a registration statement with the SEC covering the
resale of the shares of common stock issuable in connection with the
private placement.

About ACADIA Pharmaceuticals

ACADIA is a biopharmaceutical company focused on innovative treatments
that address unmet medical needs in neurological and related central
nervous system disorders. ACADIA has a pipeline of product candidates
led by pimavanserin, which is in Phase III development as a potential
first-in-class treatment for Parkinson's disease psychosis. ACADIA also
has clinical-stage programs for chronic pain and glaucoma in
collaboration with Allergan, Inc. and two advanced preclinical programs
directed at Parkinson’s disease and other neurological disorders. All
product candidates are small molecules that emanate from discoveries
made at ACADIA. ACADIA maintains a website at www.acadia-pharm.com
to which ACADIA regularly posts copies of its press releases as well as
additional information and through which interested parties can
subscribe to receive email alerts.

Forward-Looking Statements

Statements in this press release that are not strictly historical in
nature are forward-looking statements. These statements include but are
not limited to statements related to the progress and timing of ACADIA’s
drug discovery and development programs, either alone or with a partner,
including the progress of clinical trials, and the clinical benefits to
be derived from ACADIA’s product candidates, in each case including
pimavanserin. In particular, forward-looking statements include
statements regarding the expected proceeds from and timing of the
closing of the private placement, the use of proceeds from the private
placement, including whether the proceeds will be sufficient to fund the
completion of the Phase III program for pimavanserin, including the
planned confirmatory Phase III pivotal trial, and the anticipated filing
of a registration statement to cover resales of common stock issuable in
connection with the private placement. These statements are only
predictions based on current information and expectations and involve a
number of risks and uncertainties. Actual events or results may differ
materially from those projected in any of such statements due to various
factors, including the risks and uncertainties inherent in drug
discovery, development, regulatory review and commercialization,
including in collaborations with others, the fact that past results of
clinical trials may not be indicative of future trial results, and
ACADIA’s ability to satisfy the conditions to closing the private
placement. For a discussion of these and other factors, please refer to
ACADIA’s annual report on Form 10-K for the year ended December 31, 2011
as well as ACADIA’s subsequent filings with the Securities and Exchange
Commission. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. This
caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. All forward-looking statements
are qualified in their entirety by this cautionary statement and ACADIA
undertakes no obligation to revise or update this press release to
reflect events or circumstances after the date hereof, except as
required by law.